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Come visit often for all things Newport - our aim is to provide useful links, a calendar of great local events, and easy access to Newport, Rhode Island’s real estate scene, plus articles about living in this fabulous city as well as helpful home ownership tips. Have an idea? Let us know!
Many potential buyers are waiting until they can be 100% sure the real estate market has fully recovered before making the move to purchase a home. Here are five reasons why waiting might not make sense any longer:
The latest Case Shiller Home Price Index revealed that home prices have appreciated 5.5% over the last year. This is occurring across the nation as increases were reported in 19 of 20 metros. The Home Price Expectation Survey, which polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts, calls for continued appreciation over the next five years.
The Mortgage Bankers Association has predicted that, after reaching record lows in 2012, mortgage rates will creep up slowly in 2013 to 4.4%. Rates have already increased by 2/10 of a point (3.32 to 3.53) in the last two months.
Recently, Zillow reported that rents in the U.S. increased by 4.2% over the last year. Increases were 5% or more in many major metropolitan areas including Chicago, Boston, San Francisco, Detroit, Baltimore, Denver, San Jose and Charlotte.
Six regulators, including the Department of Housing and Urban Development, the Office of the Comptroller of the Currency and the Securities and Exchange Commission, are currently drafting the new Qualified Residential Mortgage (QRM) rule. They will decide on two major requirements for buyers looking to qualify for a mortgage: minimum down payment and minimum FICO score. Many experts believe the new rules will be more stringent than current requirements.
The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing a commitment on the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days.
These are five good reasons why you should consider buying a home today instead of waiting.
Many homeowners are waiting until the Spring ‘buying season’ to list their homes for sale. Here are five reasons why that might not make sense this year:
1.) Demand Is High
Homes are selling at a pace not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011. There are buyers out there right now and they are serious about purchasing.
2.) Supply Is Low
The monthly supply of houses for sale is at its lowest point (4.4 months) since May of 2005. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price. Read more →
Glenda Luck of Block Island has been awarded the 2013 Fellowship in Music Composition by the Rhode Island State Council on the Arts RISCA. Once a year RISCA awards the fellowship to one recipient in the state.
RISCA fellowships are highly competitive. A “blind review” process is employed to protect the anonymity of the applicant and to guarantee assessment purely on the basis of artistic merit. A panel consisting of one in-state member, one out-of-state member and a third regional (not to exclude Rhode Island) member chosen for their involvement, mastery, or accomplishments in a particular arts discipline reviews each applicant’s materials.
Luck submitted material from her eclectic, contemporary folk project, “Manisses, A People and a Place,” which is slated for a spring 2013 release. This record is inspired by Block Island and the history of the island’s indigenous people. Simultaneously, Luck has been recording the album, “Little Red Lipstick,” slated for a 2013 summer release. (She submitted one song from this album as well.) Read more →
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